Do you have more month than money? Need a money savings plan?
Saving money can be tough, when what you actually want is an easy way to save money. We are surrounded by adverts, social media and people who are all encouraging us to part with our cash. Indeed the encouragement is spend more than we earn and bung the rest on your credit card (don’t do it!).
If you are thinking “how can I save money?” then you’ve come to the right place. Some of your monthly outgoings will be fairly fixed (e.g. rent or home loan) so your flexible spending is where you can really start saving money.
There are so many money saving ideas, whether that’s a few pennies or mega bucks and it all starts with you. If you want to start saving money then you will. Just follow some or all of these money tips and see how much you will save.
Do not save what is left after spending. Spend what is left after saving – Warren Buffett
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The Easy Way to Save Money – 15 Tips
Pay yourself first
Any how to save money each month guide should start with this. The most important starting point in your money journey is to pay yourself first and remove the money from your bank account as soon as you get paid.
Paying yourself first is about your goals, your future and your retirement. If you don’t pay yourself first then your ability to save your money will be reduced as you will spend the money in your account.
Very few people can save decent money every month when it’s sat in their everyday account. If your money saving plan is for £200 a month then set up a standing order for that amount.
Potential savings £2400/$3120 a year
Further reading: How to choose the best cash savings account
Kill your speed
Owning and driving a car is a costly expense but often a necessity. There are still ways to save your money and not speeding is one of them.
Those mpg figures in your car’s handbook are not based on you driving around town in the rush hour, nor are they based on you hacking it down the motorway at 70mph.
They are based on a very deliberate way of driving to eke out the absolute best miles per gallon figure. Driving sedately at 50mph, not accelerating fast or constantly using your brakes will all help you get a better mpg score. And a better mpg means your money goes further and your fuel lasts longer.
Potential savings £120/$160 a year
Further reading: 5 frugal tips to save money on long car journeys
Don’t let insurances and annual payments auto renew
Everyone needs insurance but that doesn’t mean you can’t save money. Insurance companies are always competing for new customers so to auto renew with your existing company means you can be paying over the odds.
Always compare and price check house and car insurances. I can usually save up to £100 on my house insurance renewal price and £50 on car insurance by comparing other companies. I sometimes stay with the same company because they are willing to price match if I call them and ask.
Pet insurance is a bit of an anomaly as existing conditions becomes a problem if you switch insurer so I personally have never switched this.
Potential savings £150/$195 a year
Increase your insurance deductibles
When you shop around every year for your car and house insurance make sure you check the price differential depending on what your deductible/excess is. The higher this is the lower your premium will be.
You are taking a calculated gamble on whether you will need to claim on your insurance and if so whether the money you saved in having a higher deductible is off set by the lower premium.
I increased our house insurance excess and saved £50 on the annual premium which was already very competitive. I know we rarely claim on it so saving money every year was worth the risk of paying out an extra £200 if we did have to claim.
Additionally if we did end up claiming, our premium would have gone up anyway so we’re not going to make any small claims.
Potential savings £100/$130 a year
Unsubscribe from promotional emails
Every time you shop online the store you are buying from offers to keep you informed of the latest news and exclusive sale deals if you hand over your email to them. Yes they do offer sale deals but no, you do not need them.
If you don’t get the email, you are not tempted to buy an item that until then you didn’t know you wanted. Out of sight, out of mind really does work. If you want the item, you’re going to research it anyway and will find the best price that way.
If you buy one item less this way then that’s a super easy way to save money – don’t receive an email and don’t spend money!
Potential savings £600/$780 a year – or much more!
Window shop online
When you are out shopping it’s very easy to end up popping into a few extra stores to check out their latest range and bargains. Problem is you end up buying stuff! Even if it’s just a few pounds/dollars at your local cheap store it all adds up. The answer is, don’t go in.
Save your money by not browsing these stores in the first place. Browse online instead. When I browse online I also have the rule of never buying anything the same day I look at it. If I need it I can come back to it another day. This is such an easy way to save money as I can guarantee you won’t buy half the items you find online.
Amazon is my go to browsing store and I have a wish list that is constantly changing. Because I add items one day and delete another!
Potential savings £600/$780 a year
Further reading: What fabulously frugal people NEVER do
Pack your lunch
This is probably the classic easy way to save money and I am sure you know it, but do you do it every day/week? Prepping and taking your lunch every day can help you save money for a few minutes of work each day. If it takes you 10 minutes to prep your lunch and you save $5 each day then that’s the equivalent of $30 an hour!
Packing your lunch whether for work or a day out keeps you in control of your spending, your health and the calories you consume.
Potential savings £1200/$1560 a year
Further reading: 25 tried & tested money saving tips
Eat out less
I can’t write about how to save money each month without mentioning eating out! This is a big money suck as you can easily drop £50 on a meal out and that’s not for an upmarket restaurant. Eating out costs you money but it also costs you time.
In the time it takes you to drive to a restaurant, chose your menu and wait to be served, you could cook up a fabulous, wholesome meal for a fraction of the price. If you are eating out once a week reducing this to once a month will reward you with big savings.
Potential savings £1800/$2340 a year
Plan free days out in your local area
Having kids can be expensive if you chose costly entertainment. Even if you don’t have kids then entertainment can quickly mount up into a sizable expense. Going to the movies as a couple will set you back £40 once you add in popcorn, drinks and parking fees.
Don’t limit yourself to paid forms of entertainment, search your area for free things to do. This could be
- painting pebbles found on the beach (adults as well)
- walk in the park
- day out at the beach or lakeside
- volunteering e.g. litter pick your local park (great for the environment and feel good factor)
- games in the garden
- seasonal activities put on by your local council
Potential savings £1200/$1560 a year
Further reading: What fabulously frugal people ALWAYS do
Cancel your gym memberships
I think we have all probably paid for a gym membership at some point in our lives. Unless you are a gym bunny and regularly go every week, every year, this is an easy way to save money.
Even if you do regularly attend you can still save money here. Why not buy your favourite piece of gym equipment and work out at home? You’ll save on the gym membership, fuel costs to get there and have more flexibility as to when you work out. Pick up your gym equipment from Ebay or craigslist, no need to buy new!
Potential savings £360/$470 a year
Cut cable or reduce to basic
In the UK we have freeview so in theory there is no reason to pay to watch TV. In practice many people pay for some form of subscription service whether its cable or satellite TV. Cable packages that include everything can easily hit £100 a month. Switching to freeview only is another one of the easiest ways to save money.
Disclaimer – in the Tuppenny household we still have basic cable. Mr2p loves conservation, gardening and DIY programmes and dislikes boxsets. Freeview doesn’t give him his favourite programmes so for marital harmony the cable stays.
But for those of you without a Mr2p you can save money cutting cable!
Potential savings £1200/$1560 a year
When I was young and didn’t know any better I used to buy magazines every month. I thought I was financially savvy when I got them on subscription – because I was saving money right?
But I was still spending money and when you need to save money, subscriptions are an easy win. These days everything in magazines can be found online for free so why not save your money and cancel your subscription?
Potential savings £30/$39 a year for one magazine
Switch mobile phone plans
Depending on where you live you can save big bucks by switching your phone plan to a sim only or pay as you go contract. We currently pay DD1’s phone bill and the contract she was on (yes we fell for that one) was going to renew at £36 a month.
Staying with the same provider, we got a monthly sim only contract for £12. More data than she’ll ever use (I checked her usage) and unlimited calls and texts.
Potential savings £288/$380 a year
Further reading if you are in the US: Cricket Wireless review – better service for half the price
I get that looking good can be a big part in how you view yourself but spending £80 a time at the hairdresser is not the reason you look good. You look good because you hair is well kept but this doesn’t have to cost you a lot of money.
Cutting your own hair is an easy way to save money, you get to learn a new skill and still look good. Mr2p has cut his own hair for 20 years and mine for the past 10.
Potential savings £360/$470 a year
Further reading: 10 things I don’t do or buy
Do your own nails
50 years ago having your nails done was a luxury and involved having them filed and painted. These days it’s seen as an everyday expenditure and involves having an hour long appointment at a nail bar along with nail tips, shaping, colour and additional gems or artwork applied.
And then you need repeat appointments to keep them in tip top form. This all adds up to a fair chunk of money. One way to save your money is to go without. If that is too big a step, then why not do your own nails? With practice you should be able to give yourself a nice set of nails for a fraction of the price.
Potential savings £400/$520 a year
Bonus tip – Save every $1 dollar note or £1 coin for a year.
We’ve all grown up with and used piggy banks but once you get your first bank account your piggy bank is pretty much redundant. You can set up a standing order for money to be whisked off to a savings account. But why not also have a piggy bank or money saving jar to put change in?
If you want an easy tip on how to save money each month then save every $/£1 you receive in change. It can mount up to a nice little sum without any effort. We do this every year starting in January and always have at least £200 by Christmas.
Potential savings £200/$260 a year
I hope you save some money with these 15 tips!